Ringgit declines to 5-month low amid trade tensions
KUALA LUMPUR (June 18): Ringgit drops to a five-month low as Asian currencies weaken on the back of a stronger dollar and escalating trade tensions.
* USD/MYR rises 0.4% to 3.9987; reached 3.9998, highest since Jan. 11
** Support 3.9430, 3.9336, 3.8533; resistance 4.0060, 4.0155, 4.0436
** NOTE: Onshore markets were shut Friday for a holiday
* Scotiabank is bearish on the ringgit in the near term as a hawkish Fed and declining oil prices will weigh on the outlook, says Gao Qi, a currency strategist at Scotiabank in Singapore
KUALA LUMPUR (July 19): Putrajaya has conceded that the sales and services tax (SST) system is not as transparent as the goods and services tax (GST), but stressed that the former is able to reduce Malaysian consumption tax by half.
In his parliamentary response to Ayer Hitam member of Parliament Datuk Seri Wee Ka Siong today, Finance Minister Lim Guan Eng said the government is not going to deny the fact that SST is going to have an impact on prices, but the impact will be relatively less significant than GST.